**3. Bank services in Nigeria**

Based on the structure of banks discussed above, bank service is centred on financial intermediaries, that is, deposit collection and lending. However, in the Nigerian banking industry, different types of services have emerged but can be categorised into three major arms, namely, general banking covers account opening, deposit management and cash handling, credit such as loan disbursement and loan management and foreign exchange such as foreign currency and remittance management [2].

An overview of these services in Nigeria by the banks is provided below:

The Central Bank of Nigeria coordinates with other banks, and this has been efficiently delivered over the years. For deposit money banks, some banking services such as account openings, deposit mobilisation, advancing of loans, agency services such as making payments and collecting receipts, among others, and general utility services such as issuing letters of credit and safe custody of valuables, among others, are offered. In the case of merchant banking, services offered include but are not limited to corporate finance services such as management of private and public equity shares to corporate debt securities and provide expertise on investment advisory services, finance of large-scale industrial projects, advice on portfolio management, company floatation, financial planning as well as mergers

#### *Banking and Finance*

and acquisitions. Basic services rendered by the merchant bank in Nigeria are the provision of medium- and long-term credits, arrangement of syndicated loans, provision of acceptance of credit facilities to their clients, equipment leasing, issuing house function, acceptance of deposits, provision of foreign exchange services, management/advice on portfolio of investment and unit trust management.
